Gautam Adani-led Adani Enterprises announced that its Dubai-based arm, Ospree International FZCO, has successfully acquired 100% stake in France-based Le Marche Duty Free SAS (LMDF) for a sum of 5,000 euros.
This strategic move aims to bolster the company’s presence and growth within the duty-free industry. Adani Enterprises emphasized the significance of this acquisition in a filing to the exchange, highlighting its alignment with the expansion goals of Mumbai Travel Retail Private Limited.
LMDF, established on February 7, 2024, is owned by Atul Ahuja, the promoter of the Flemingo Group. However, operational activities have not yet commenced.
“The Company has acquired 5000 shares of LMDF having a nominal value of one (1) euro each on the face value from Mr. Atul Ahuja,” Adani Enterprises said in the exchange filing.
In November 2023, the Adani Group, who is a prominent player in India’s airport operations sector, announced its plans to venture into the duty-free industry. This expansion involved the establishment of a wholly-owned subsidiary, MTRPL Macau Ltd, in Macau, aimed at establishing duty-free shops at the Macau International Airport.
The airport initiated tender processes, specifying its search for an operator to manage duty-free liquor and tobacco services, optionally inclusive of general merchandise retail services (excluding perfume and cosmetics) within designated sub concession areas at Macau International Airport.
The firm manages operations at several pivotal airports, including Mumbai, Ahmedabad, Lucknow, Jaipur, Guwahati, and Thiruvananthapuram. Additionally, it is actively involved in the development of the forthcoming international airport in Navi Mumbai.
This move underscores the Adani Group’s diversified business strategy, which has recently extended into various sectors such as telecom, data centers, cement, and media.
The shares of Adani Enterprises dipped on Wednesday, with the stock closing at ₹3,233.40 per share on the BSE, marking a decrease of 2.28 percent compared to the previous day’s closing price.
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Published: 06 Mar 2024, 10:01 PM IST